DMPs

Marcus_Postlethwaite

Please can anyone confirm this from a website I have been reading?


Can a DMP affect the people that I live with?

Your credit history is likely to be affected by being on a DMP but it will not affect the people that you live with unless you have joint financial products. This would be something like a loan, bank account or household bills that are in joint names.

If this happens there will be a ’financial association‘ linking your credit files. This means your record of making reduced payments may affect the other persons credit file and their ability to get credit.

StopIt

That is correct.


Your credit file is yours and yours alone. It doesn't matter who else lives with you. Your debts and assets are yours only, unless if you have a joint bank account, mortgage, loans etc.


If you enter a DMP it will not affect anyone but you, unless if any of the debts included are in joint names.

Marcus_Postlethwaite

So the fact that reduced payments are made via a DMP, the creditors recognise this as a good thing or bad thing?

[Deleted User]

A DMP is never a good thing, as it means you defaulted.

But once finished, you can start to build better history.

Marcus_Postlethwaite

Sure, perhaps I worded it incorrectly - does the fact that a DMP is in place also mean that the creditors flag as a big negative?

[Deleted User]

Your creditors will view a DMP negatively and won't be falling over each other to offer you further credit.

Marcus_Postlethwaite

But it is only me who is affected by this, nobody else in the household should be affected if no joint info?

[Deleted User]

Just you, unless you are financially associated.

glentoran99

and even if you are financially associated it appears to have minimal effect in my own experience